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- What are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem scarcity?I got a practice test question I dont understand in my economics class. 2. How would you show positive change in the world through an LAS/SAS/AD (Draw graph, and explain whats happening)What's does a production possibility frontier illustrates?
- Identify and define the two branches of economics.Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?Why do you think that most modern countries’ economies are a mix of command and market types?